Gold, Silver Price in IndiaDomestic gold and silver futures climbed higher on Tuesday amid weakness in the overseas dollar as precious metals rose ahead of the two-day meeting of the US central bank. Global equities recorded cautious gains in anticipation of a position on adjusted monetary policy in the world’s largest economy. Multi Commodity Exchange (MCX) gold futures (for October 5 delivery) gained Rs 402, or 0.78 per cent to close at Rs 52,089 per day, while silver futures (December 4) rose 1.08 per cent to Rs 69,708.
During the session, the gold contract was increased to Rs 52,182, and silver strengthened to Rs 69,887. (Track Gold Futures here)
Globally, spot gold on Comex touched an almost two-week high of $ 1,968.80 an ounce, as a soft dollar and the Federal Reserve expected that its adjusting monetary policy supported the yellow metal. Silver futures jumped 1.86 percent to touch the level of $ 27.36 an ounce. (Also read: Is silver the new gold?)
The dollar index – which measures the dollar against six currencies – lost 0.29 percent on Tuesday.
According to the Mumbai-based industry body IBJA or India Bullion and Jewelers Association, spot gold back home on Tuesday at Rs 51,893 per 10 grams and silver at Rs 66,758 per kg, excluding GST.
– IBJA (@ IBJA1919) September 15, 2020
Gold has been one of the most frequent beneficiaries in the financial markets through six months of coronavirus epidemic-led upheaval. (Also read: Gold “Dream Run” Continue: Analyst)
What do analysts say
“Until major triggers occur, we can see gold moving in a directionless direction, as the price of the yellow metal gets stuck in the range of $ 1,900-2,000 / oz. Mixed activity in exchange traded fund flows is also a direction. The shortage shows. Market, ”said Ravindra Rao, VP-Head Commodity Research, Kotak Securities.
He said that there may be a decrease in gold due to further progress. “However, the general bias may be due to rising challenges to the global economy and the expectation of a heavy stance of major central banks.”